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China Automotive Systems profit misses consensus by 29.6% in Q4

China Automotive Systems Inc. said its fourth-quarter normalized net income was 13 cents per share, compared with the S&P Capital IQ consensus estimate of 19 cents per share.

EPS decreased 23.2% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.3 million, a decline of 23.3% from $5.6 million in the prior-year period.

The normalized profit margin dropped to 3.7% from 4.1% in the year-earlier period.

Total revenue decreased 11.2% year over year to $120.1 million from $135.3 million, and total operating expenses declined 10.1% from the prior-year period to $113.2 million from $125.9 million.

Reported net income fell 25.3% on an annual basis to $6.7 million, or 21 cents per share, from $9.0 million, or 28 cents per share.

For the year, the company's normalized net income totaled 61 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 83 cents.

EPS declined from 63 cents in the prior year.

Normalized net income was $19.6 million, a rise of 7.4% from $18.3 million in the prior year.

Full-year total revenue fell from the prior-year period to $443.5 million from $466.8 million, and total operating expenses fell on an annual basis to $414.1 million from $429.8 million.

The company said reported net income decreased 18.3% on an annual basis to $27.3 million, or 85 cents per share, in the full year, from $33.4 million, or $1.15 per share.